I mean yeah, they still make the most money if they can sell you a console. But their long term thinking is "why peak at maybe ~100m customers if all stars align correctly when we can target ~1b+ people with Gamepass and play anywhere?". Will it work out? Who knows. But if it does, Sony might be in trouble.
It will work out far better if they had a strong console userbase.
If Sony did the same strategy they would absolutely dominate Gamepass's numbers because they are just far more popular. Not just because they have more console owners who would naturally sign up, but because people who don't own Playstations see the brand far more favorably these days.
Microsoft is the butt of many jokes because of their handling of the console business. Outside of RROD they were the opposite in the 360 generation, until Kinect rotted their brains.
MS is so far behind on everything against Sony if Sony felt like it they could adopt the same strategy and crush MS. Sony is far from "in trouble" as if the trend changes they can increase the presence of PS Now in their marketing and start throwing some games at it earlier and boom, see ya Gamepass. MS will gladly host their future more global streaming solution too.
As it stands, cloud gaming being popular is a pipe dream of tech execs.. and something Sony is rightfully weary about.. from experience.